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The Nairobian

President Ruto: We'll add 10 more companies to NSE in next 12 months

Business

By David Njaaga | Oct 11, 2022

President William Ruto (c) at the NSE office in Westlands, Nairobi on October 11, 2022. On his right, is Deputy President Rigathi Gachagua and Kiprono Kittony, on his left. [Wilberforce Okwiri, Standard]

President William Ruto has said that the government is keen on expanding the composition of the Nairobi Securities Exchange (NSE), projecting that ten more companies would join the NSE by October 2023.

Speaking on Tuesday, October 11 at the NSE office in Westlands, Nairobi, President Ruto said the listing of ten more companies to the bourse would present an opportunity for more Kenyans to hold shares and improve their economic wellbeing.

The Head of State said he's "looking forward to a situation where many Kenyans would be trading at the NSE, including boda boda operators and mama mbogas".

"I'm looking forward to the time when a boda boda operator or a mama mboga will be in a position to trade at the NSE using their phones as they wait to serve their next customers. This would be better than gambling," he said.

The president said when public companies do well in the NSE, the government stands a great chance of getting capital from the bond market.

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"It's time to unlock the potential that exists at the NSE to drive the economy of our country," he said.

Kiprono Kittony, the chairperson of the NSE, said that the future of the bourse is bright as companies across the world continue to recover from the adverse effects of Covid-19 pandemic.

"The NSE market will help highlight opportunities for global companies looking for international expansions, specifically in Africa," said Kittony.

President Ruto said that his government will relook at Kenya's companies' privatisation law to allow firms that wish to join the NSE to do so with ease and convenience.

The review, he said, will happen within his first 100 days in office.

The president has been on a mission to improve Kenya's economic situation, as he seeks to fulfil the pledges he made on September 13, when took the oath of office as the country's fifth Head of State.

In his inauguration speech, President Ruto said his administration will prioritise improving the business environment and supporting small and medium enterprises.

Dr Ruto has pledged an annual Sh50 billion Hustlers Fund that would allow small-scale traders to access capital from the government at low interest rates.